Friday, March 21, 2014
BlackBerry To Sell Most of Its Canadian Real Estate

Struggling smartphone maker BlackBerry has entered into an agreement pursuant to which it will sell the majority of its real estate holdings in Canada.

The announced transaction will bring cash to the company for its turnaround plan.

Under the terms of the agreement, BlackBerry will sell more than 3 million square feet of space as well as vacant lands. BlackBerry will also lease back a portion of the space.

BlackBerry expects closing to occur in the first quarter of fiscal 2015.

"The successful sale of property in Canada will help us move toward our goal of continued operational efficiency," said BlackBerry CEO and Executive Chair, John Chen. "As previously stated, BlackBerry remains committed to having a strong presence in Canada and we continue to consider Waterloo home to our global headquarters."